Global market slightly lower as traders waiting for stimulus news

Last week, EU leaders met to discuss the coronavirus stimulus. The meeting resulted in a walkout by German’s Merkel and France’s Macron. Today, there is another meeting to discuss the stimulus again. If all parties fall-out on the stimulus then we might see a retreat in the European stock market.

Aside from EU stimulus, the market also will focus on the U.S stimulus decision. Lawmakers currently beginning the new stimulus discussion. Consensus sees value between $1 – $1.5 trillion in the package. Larger numbers could bring the stock market further higher.

Asian & European Stock market

The Asian stock mostly lower while China’s stock market traded bullishly. Japan stock market up 21.06 points (+0.09%) to 22,717.48, China stock market up 100.02 points (+3.11%) to 3,314.15 and Australia ASX 200 down 32.00 points (-0.53%) to 6,001.60. The European stock market traded lower. DAX Germany down 0.34%, FTSE UK down 0.86%, Euro STOXX 600 down 0.46%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index traded near the 27,000 handles and the top trendline. The index movement currently contained inside the triangle range. No breakout from the pattern yet which means the index expected to continue trading sideline inside the triangle pattern and between 26,000 – 27,000.

TJX Cos Inc (TJX)

TJX share prices currently undergo a bullish correction toward the daily SMA 200. The share prices soon will reach the averages and test it. Failure to breakout above the averages might reverse the share price direction to test the bottom trendline. At the current time, traders could wait until TJX reach the averages and enter short positions on major bearish reaction.